[ Carlstadt, New Jersey USA ]
Triple Five Companies has announced securing a USD $1.67 billion private financing arrangement, which along with a public bond issuance, will provide the funding to finally complete American Dream mega mall.
From 2014 posts:
At least two large issues loom over completion of American Dream Meadowlands.
The first has been assumed resolved, a labor agreement by and between Triple Five Group (the developer) and the Bergen County Building and Construction Trades Council.
But East Rutherford has not yet voted on whether to issue up to $524 million in bonds to help in financing the project. Local government officials wish to better understand the risk of default with such bonds.
The Triple Five Group of Companies assumed control of development of the long-delayed American Dream Meadowlands (at one time known as Xanadu) in July 2013. The opening date for American Dream Meadowlands, is set tentatively as late 2016.
Facilities at American Dream Meadowlands will include:
- 300,000+ square foot DreamWorks indoor attraction
- A water park of 225,000+ square feet
- Big Snow America indoor ski slope, at 180,000 square feet, the first indoor ski and snowboard park in the Western Hemisphere.
- An observation wheel with 26 climate-controlled gondolas provide 15+ guests/car with 25 minute panoramic view of the New York City skyline
- A performing arts theater of 65,000 square feet, and 2,400 to 3,000 seats.
- An NHL-scale ice rink for recreational hockey, figure skating lessons and public skating.
- Cinema facility of 180,000 square feet and 5,000 seats.
- An aquarium
- An Adventure Golf, 18-hole miniature golf course
- An assortment of dining options, some 150,000 square feet
The process of developing American Dream Meadowlands dates to 2003, when the project was first proposed as Meadowlands Xanadu by the Mills Corporation. After the bankruptcy of that company in 2007, the project was taken over by Colony Capital In May 2009, construction stalled due in part to the bankruptcy of Lehman Brothers.
The Triple Five Group of Companies has extensive experience with mega mall development and operation. Their West Edmonton Mall in Alberta, Canada, which opened in 1981, was the blueprint for Triple Five’s Mall of America, in Bloomington, Minn., which followed in 1992. Few American developers have experience with retail combined with major integrated entertainment facilities.